India’s Middle Class Hit Hard as Rupee Pushes Up Prices: Retail

Mumbai taxi driver Saiyad Ahmed Ali has cut back on fruit and fish, from about twice weekly to once a month these days as prices surge. He’ll tell you the culprit: India’s weakening currency.

“The rupee’s value has been falling, gas is getting more expensive and fewer people want to take cabs,” said Ali, who has seen his daily income fall by about a third, to less than 400 rupees ($6.05) after the costs of running his taxi. “Life here in the big city has become more difficult.”